‘Smart Matching’ added to Simple Fund 360, allows code free bank processing

BGL has added part 2 of its AI Assistant – ‘Smart Matching’, which allows what it says is an industry first, “code free SMSF bank processing” – to Simple Fund 360.

“We are always looking for new ways to help our clients make the shift from annual processing to more regular processing,” said the announcement by BGL.

“Stage 2 of our AI Deep Learning Research introduces ‘Smart Matching’ – an innovation that will dramatically improve the transaction matching process for Simple Fund 360 clients, so they can work faster, smarter and with more accuracy.” Read more...

Simple Fund 360 updated for ECPI calculation changes

BGL has updated Simple Fund 360 for the changes to how Exempt Current Pension Income (ECPI) needs to be calculated.

“The new requirements demand SMSF administrators to take a very close look at any fund with a pension account. Some funds may now be deemed to be segregated for part of the year, some may not, some may now not require an actuarial certificate at all. It is import clients are aware of these changes,” said BGL.

“These changes required a huge amount of work. The ATO’s new interpretation of the ECPI rules have really complicated the calculations. Deemed segregation, part year pensions, when you do and do not require an actuarial certificate has all become so complicated.” Read more...

Trustee Query is first stage of Simple Fund 360 mobile app: BGL

BGL has released the what it calls the first stage of a mobile application for Simple Fund 360, with a feature called Trustee Query

“This is a really clever development by the Simple Fund 360 team”, said BGL Managing Director Ron Lesh.

“The Trustee Query sends a data request direct to our client’s SMSF trustees by SMS or email that is then accessed through a smart, simple mobile app. The trustee can respond to the request with a note and / or upload a document and the response is instantly recorded in Simple Fund 360.” Read more...

BGL’s AI Assistant uses Deep Learning to prepare SMSFs for audit

BGL says that its Simple Fund 360 AI Assistant is “the first Deep Learning transaction review assistant for the SMSF Software industry”.

“This is a huge achievement by our Simple Fund 360 Team,” said BGL Managing Director Ron Lesh.

“BGL has been working on AI for over 12 months. We needed to teach the AI Engine about SMSF transactions through a process known as Deep Learning. This results in Simple Fund 360 providing a level of confidence on where transactions have been allocated in the ledger based on the 250 million plus transactions in the Simple Fund 360 database. It is truly amazing technology,” he said. Read more...

BGL adds two new actuarial certificate firms to Simple Fund 360

BGL has added integration for two more actuarial certificate providers to Simple Fund 360.

SMSF admin software Simple Fund 360 now integrates with Haintz Actuarial and Verus Actuaries for obtaining actuarial certificates. Simple Fund 360 already supports Accurium, Act2 Solutions and Heffron.

“We at Haintz Actuarial are very excited to be part of BGL’s actuarial certificate providers’ team. BGL is at the forefront of SMSF administration and our partnership with them gives us the opportunity to service new and existing clients even better than before,” said Alan Haintz, Director of Haintz Actuarial Pty Ltd. Read more...

BGL adds new insurance ‘big data’ feature to Simple Fund 360

BGL has added a new feature to its Simple Fund 360 software to help clients review their insurance in superannuation.

SMSFs are required, as part of their investment strategy requirements, to consider insurance. BGL announced that it has added filters to the Simple Fund 360 Big Data views to help clients do this and obtain a life insurance quote from AGI insurance.

“This highlights another way how Big Data is helping our clients,” said BGL Managing Director Ron Lesh.

“In a few mouse clicks, Simple Fund 360 clients can review a fund members’ life insurance, prepare an insurance quote, pre-fill an insurance proposal and purchase the policy. This is what integration and automation is all about.” Read more...

Simple Fund 360 now has over 100,000 paying SMSFs, out of 175,000

BGL has announced that it now has over 100,000 paying SMSFs using Simple Fund 360.

BGL said it was one of the largest developers of cloud software for accountants in Australia. It also has 140,000 companies paying for CAS 360.

“These milestones have been a real team effort,” said BGL Managing Director Ron Lesh.

“Businesses do not achieve these numbers without a great culture and a great team.”

BGL says 23,405 SMSFs started using Simple Fund 360, across 503 clients, in the September 2017 quarter. According to the company it now has more than 3,200 clients and over 175,000 SMSFs using the software. This suggests that up to 75,000 SMSFs are using but not paying for the software. Read more...

Two-way integration between Simple Fund 360 and Xero Practice Manager

Two-way integration between Xero Practice Manager and Simple Fund 360 and CAS 360 is now available, BGL has announced.

The new feature allows client details to automatically synchronise between the software packages.

“Mutual Xero Practice Manager and BGL Simple Fund 360 / CAS 360 clients are now able to have just a single database – the ultimate goal of any professional firm,” said the announcement by BGL.

“This integration means any change made to client details in Xero Practice Manager automatically updates the CAS 360 and Simple Fund 360 database. And in CAS 360, the user is prompted to prepare all the relevant ASIC compliance documents. Furthermore, if contact details are changed in either Simple Fund 360 or CAS 360, this change is automatically updated in Xero Practice Manager.” Read more...

Simple Fund 360 price to increase from 1 October 2017

The price of BGL Simple Fund 360 is going to increase from 1 October 2017.

BGL Managing Director Ron Lesh has been outlining the changes at the inaugural BGL RegTech conferences, with Simple Fund 360 clients already notified by email.

“We haven’t changed the prices in three and a half years, so we’ve sort of got to a point where we need to increase the prices to cover the additional costs,” said Mr Lesh, at the Brisbane leg of the BGL RegTech conference.

The base professional price of $80 per fund will increase by $10 to $90, and the bank data and share packs will both increase by $5 each to $40 – all exclusive of GST. Read more...

BGL releases ‘milestone’ Simple Fund 360 version 3.0

BGL has announced the “milestone” release of Simple Fund 360 version 3.0, which includes a number of new features.

“This is a milestone release,” said BGL’s Managing Director Ron Lesh.

“I am very proud of the Simple Fund 360 teams. They have worked tirelessly to build a heap of new features to support huge regulatory change, and add new functionality for our clients. And this is just 3 weeks after the last huge Simple Fund 360 release.”

Simple Fund 360 version 3.0 includes:

  • A new ‘Transfer Balance Dashboard’
  • Support for segregated assets, including the Segregated Dashboard
  • Real-time contribution cap notifications of when members are nearing their annual caps, using SuperStream and bank data
  • Share registry data from Computershare (Link Market was already supported)
  • Standard Business Reporting (SBR) lodgement of the 2017 SMSF Annual Return
  • Tax Return Export to Xero Tax

Lesh said that many of these features are “next generation”. Read more...